Newmont Corporation (NYSE:NEM) is one of the The 11 most profitable cheap stocks to invest in now. On January 26, Scotiabank raised its price target for Newmont Corporation (NYSE:NEM) from $114 to $152 and maintained its Outperform rating on the stock.
This decision comes as the company is updating its price targets for the gold and precious minerals companies under its coverage. Scotiabank raised its forecasts for gold and silver prices, citing ongoing economic and geopolitical uncertainty, along with central bank buying.
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Previously, on January 12, Citi raised its price target for Newmont Corporation (NYSE:NEM) from $104 to $118 and maintained its Buy rating. Citi noted that it is neutral on gold prices after the recent strong rally and expects some moderation in prices throughout the year.
Prior to that, on December 29, Raymond James also raised its price target on Newmont Corporation (NYSE:NEM) from $99 to $111 and maintained its Outperform rating. The firm highlighted the company’s exposure to gold through a global portfolio with lower jurisdictional risk. This supports strong cash flow generation. Raymond James also highlighted Newmont Corporation’s (NYSE:NEM) flexible balance sheet, which provides the company with financial stability.
Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.
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Disclosure: None. This article was originally published in Internal jumpsuit.